Stockton University officials say they are not likely to recoup all the money they spent on Atlantic City’s former Showboat casino when they sell it to developer Bart Blatstein in November.
According to a review of figures provided by the school to Philly.com, the university will have spent more than $26 million on the property, which they are selling for $22 million.
Since the school bought the property in December, it has spent $3.3 million in one-time expenses and $4.3 million in recurring costs as of Sept. 18. That’s an expense of about $850,000 a month.
The school bought the property for $18 million and hoped to turn it into an Atlantic City campus. The site however, has competing deed restrictions, which say it both cannot operate as a casino and that it must operate as a casino. That contradiction has not been worked out and scuttled the school’s plans.
Blatstein has stepped to buy the property, but has not said how he plans to resolve the competing restrictions.
As of last month, Stockton had spent $25.7 million on the Showboat site, including the $18 million it paid to buy it, according to the website.
